The European Investment Bank (EIB) has approved a loan of $266 million (€250 million) to Nexans, a global leader in cable systems, to support research, development, and industrial investments between 2024 and 2029.

The financing will help Nexans accelerate innovation and expand its production capacity, particularly in copper wire manufacturing and recycling. A new factory planned in Lens, France, is set to increase copper wire output by more than 50% and recycle up to 80,000 tonnes of copper annually by 2026.

Additional investments will strengthen sites in Charleroi, Erembodegem, and Calais to support growth in offshore wind and submarine interconnections. Nexans will also expand its Bourg-en-Bresse facility to meet rising demand for low-carbon medium-voltage cables across France and Western Europe.

The loan is split into two parts: $202 million (€190 million) backed by the InvestEU programme, which supports sustainable innovation, and an additional $64 million (€60 million).

The initiative aligns with the European Union's REPowerEU plan, aimed at enhancing energy autonomy and accelerating the energy transition.

EIB Vice-President Ambroise Fayolle said the financing would help Nexans expand production and secure copper supplies, "an important raw material" for Europe's decarbonisation efforts. Nexans CEO Christopher Guérin noted the support would accelerate the company's industrial strategy and position it as a key player in sustainable electrification.

Source: nexans.com